1. Compute gross profit for the month of January for Laker Company for the four inventory methods.
2. Which method yields the highest gross profit?
3. Does gross profit using weighted average fall between that using FIFO and LIFO?
4. If costs were rising instead of falling, which method would yield the highest gross profit

Compute gross profit for the month of January for Laker Company for the four inventor Note: Round cost per unit to 2 decimal places and final answers to the nearest whole do [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 218 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 33 are from beginning inventory